new Delhi. The Employees' Provident Fund Organization (EPFO) has made arrangements to deposit the contribution of the employer and the employee from the Government account in the Employees Provident Fund accounts under the Pradhan Mantri Garib Kalyan Yojana.
The Center has announced the scheme in view of the difficulties faced by the Korabari units due to Corona virus and the challenge of saving employment. Under this scheme, the government will deposit the contribution of both employer and employee's share in EPF accounts for 3 months.
The Ministry of Labor estimates that it will benefit about 79 lakh employees and 3.8 lakh employers. The government will have to spend about Rs 4,800 crore for this.
The Labor Ministry said in a statement that the EPFO has made an electronic system to deposit funds in the Employees' Provident Fund and Employees Pension Scheme accounts of its shareholders under the Pradhan Mantri Garib Kalyan Yojana announced on 26 March.
The Ministry has said that this package has been announced to help the poor in combating the Corona epidemic.
Eligible organizations and establishments can claim this relief by filling a challan-cum-statement.
According to this challan, payment equal to the total contribution of the employee and the employer (24 percent of the salary of the worker) to the employee's EPF and EPS will be transferred by the Government to the Universal Account Number (UAN) of the concerned employee.
This relief is for three months. This benefit will be given in the case of employees with monthly salary less than Rs 15,000 working in units registered under EPF. According to the rule, in the fund accounts in future, equal contribution of 12-12 percent of salary is made by the employee and the employer. A part of this goes to the pension account of the employee.
Under this scheme, the same units will be eligible for this relief, where there will be 100 employees and 90 percent or more of them have monthly income less than Rs 15,000.
In order to make this relief package accessible to the employees, the Ministry of Labor and Employment issued a notification informing about the targets, qualifications, validity and procedure of the scheme.
After the e-challan cum statement is submitted and the eligibility of employer and employee is verified, the challan will show the contribution of employer and employee separately. Later this amount will be deposited directly into the Employee's Provident Fund and Pension Scheme account.
EPFO has also released a list of 'Frequently Asked Questions' on its website to question solutions related to the scheme.
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